You can easily register on the 1xbit1 crypto website and place your first bet. However, to ensure your first try isn’t an error, it is essential to improve your decision-making strategy in terms of its data-driven nature. One of the fundamentals to consider is to get a better understanding of what odds are and how they can impact your performance as an online or live sports bettor. Onwards!
Popular Odds Formats
Before stepping into the realm of odds, let’s take a sneak peek at their variety. Use the table below for reference purposes.
|
Format |
Example |
Description |
|
Decimal odds |
2.45 |
These are preferred by punters for their easier matching with fast and effective calculations. The formula will be the multiplication of the bet amount by the odds — $10 by 2.45 results in the $24.5 in returns. |
|
American odds |
-115 |
These are popular in betting markets in the US. The example is equivalent to the sample of fractional odds in the table. |
|
Fractional odds |
20/23 |
They require more complex mathematical calculations to define the potential sum in winnings. |
Decimal Odds
These are also known as European odds and are quite popular across the markets. In a nutshell, they are just distinctive ways to show the same information for 1xbit1 users.
With no difference in terms of payouts, the preference for this or that odd format can streamline data analysis for bettors and promote faster decision-making. In a nutshell, this term denotes a potential win a punter can obtain for placing $1 stakes.
American Odds
Known as moneyline odds too, these indicate the amount of funds with a minus sign that has to be invested to receive the desired winning of $100. In practice, they are trickier to understand than it might seem at first:
- According to the general rule, winning $100 with the odds of -110 will mean your wager has to be $110.
- The trajectory of wins and losses doesn’t always comply with basic concepts in the market. A minimum bet of $10 with the odds of -200 could lead to $15 as a reward. The sums of bets and wins don’t have to be perfectly fitted, but their scaling is usually within the predetermined limits.
Fractional Odds
You can define potential profits by multiplying the fraction by a target betting amount. For instance, the odds of 3-1 with a prominent $10 stake can help you receive $40 in total — $10 back and a $30 reward.
To determine what numbers imply potential winners and underdogs of the match, pay attention to how big they are.
- The denominator of the fraction stands for the stake amount.
- The numerator, in turn, represents the potential multiplier in case of receiving winnings.
Key Takeaways
It takes time to navigate through several formats of odds. Different terms for the same phenomenon may add more confusion. Still, with the knowledge base at the 1xbit1 website, interested parties can always ensure they are on the right track and calculate their potential wins and profits correctly.